A new government study reports that over 40 million Americans have mistakes on their credit reports; and 20 million Americans have serious mistakes on their credit reports. Just before the government study was released, 60 Minutes aired a story about their investigation into the credit reporting industry. As explained by 60 Minutes, both the government study (which was conducted by the Federal Trade Commission and was the largest and most comprehensive such study ever done on the credit reporting industry) found these mistakes are often almost impossible to remove from your credit file.

Federal law, the Fair Credit Reporting Act (FCRA), requires the credit bureaus to conduct a reasonable investigation when a consumer disputes the accuracy of information in their credit file. The study found that the bureaus often do not conduct reasonable investigation and, in fact, often do not conduct any investigation whatsoever.

“A mistake on your credit report can cost you money, it can increase the interest you pay on your loans, prevent you from getting a mortgage or buying a car, landing a job, or getting a security clearance.